Board renews engagement letter with Baird to serve as potential bond underwriter

The Board of Public Works and Safety on June 12 approved renewing an engagement letter with Baird and Company to serve as underwriter for potential future municipal bond issues, including general-obligation bonds and waterworks or sewage works revenue bonds.

City staff described the item as a renewal of a standing engagement with Baird. "The Baird agreement is, for Baird, again, to serve as the underwriter, underwriter for any of the bond, general obligation bonds or a waterworks revenue bond or a sewage works revenue bond, if that is to happen in the future," a staff member said during the meeting.

The nut graf: The action does not itself create bonded indebtedness or authorize issuance; it renews the city's relationship with a firm that would act as underwriter if and when staff and elected officials pursue bond financing in the future. Staff said the controller's office will continue working with Baird on that work and that Baird has served as underwriter for the city in the past.

There was brief procedural discussion but no questions from board members recorded in the transcript about outstanding bond indebtedness, financing plans, or a timetable. A board member moved and the motion was seconded; the board approved the renewal by voice vote with "aye" recorded in the meeting transcript. The meeting record does not include a roll-call tally or details about fees, term length of the engagement, or any limitations on the firm's role; those specifics were not specified during the public portion of the meeting.

The approval preserves the city's option to retain Baird as underwriter in the future but does not itself obligate the city to issue bonds.